The retail prices of Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (AGO), or diesel, are expected to decline in the coming days following a fresh reduction in ex-depot prices by Dangote Refinery.

On Wednesday, the refinery announced a cut of N50 per litre on petrol and N80 per litre on diesel, bringing its gantry prices to N1,165 per litre for petrol and N1,570 per litre for diesel.

Industry operators say the latest adjustment is expected to translate into lower pump prices nationwide as marketers begin lifting products under the new pricing structure.

Speaking with DAILY POST, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said consumers should begin to feel the impact of the price reduction by the weekend or early next week.

According to him, petrol prices at filling stations will fall further once marketers start receiving products at the revised ex-depot rates from Dangote Refinery.

A manager at an MRS filling station in Abuja, who requested anonymity, also indicated that the outlet was preparing to adjust its pump price.

He said the station could reduce the price of petrol by N50 per litre, from N1,265 to N1,215, beginning this weekend or by Monday.

Currently, petrol sells for between N1,265 and N1,310 per litre in Abuja and surrounding areas, while diesel is priced between N1,700 and N1,800 per litre.

The anticipated reductions come amid continued fluctuations in the global crude oil market, which have continued to influence domestic fuel prices.

At the time of filing this report, market data monitored by DAILY POST showed that Brent crude was trading at about $79 per barrel, while West Texas Intermediate (WTI) crude stood at approximately $74 per barrel.

The decline in oil prices has been linked to market speculation over a possible agreement between Iran and the United States regarding the Strait of Hormuz, a key global oil shipping route.